Foreclosure follows you for 7 years
Foreclosure is an option but we DO NOT recommend it. There are other options.
Foreclosure will impact you for 7 years.
- For 7 years, you can’t qualify for a loan
- For 7 years, you can’t qualify for a car loan
- For 7 years, you can’t qualify for apartment rental
- For 7 years, you can’t even qualify for some jobs.
- For 7 years you get calls from bill collectors.
Foreclosure will impact you for 7 years.
- Denial – the first reaction many people have when they learn that they might be losing something important to them is to deny that it’s happening. “There must be a mistake. I’m not going to lose my home.”
- Anger – when you understand that this is really happening and denial can’t last forever, you get angry at whomever you think is to blame or the closest person to you. “Why is this happening to me? It’s not air. Those greedy banks are to blame!”
- Bargaining– involves you trying to avoid the cause of the grief entirely through some action. “Maybe if I work really hard and tell the bank about my hardship they’ll let me keep the house.”
- Depression – you are typically saddened by the reality of your situation. “I have so many good memories in this house.”
- Acceptance – you accept the reality of your situation, have stable emotions about it, and look for a solution. “This is really happening, I wonder if there’s anything I can do about it.”